2 of 1924 - A resolution accepting bid of Palmer Bond & Mortgage for the sale of $100,000.00 Salt Lake City bond REMARKS:
Resolution lqa.-.-- -2
Green.
By Commiuioner..
Accepting bid of Palmer Bond &
Mortgage for the sale of
$100.000.00 Salt Lake City bonds
for the purchase of the Moran
Barns.and approving form of bord.`
..v
April 28th, 1924. , 1924.
The Board of Commissioners of Salt Lake City, met in regular session,
Mayor Neslen in the chair.
On roll call the following members were present:
Commissioner-C. Clarence Neslen, Commissioner of Water
Supply and Waterworks, Chairman,
Commissioner Arthur F. Barnes, Commissioner of Public
Safety,
I I
Commissioner T. T. Burton, Commissioner of Public
Streets and Public Improvements,
Commissioner A. H. Green, Commissioner of Public
Affairs and Finance,
Commissioner Dr. R. M. Stewart, Commissioner of Parks
and Public roperty.
I! i
Commissioner introduced and moved the adoption
of the following resolution:
!j
-H J1
EES 0_LUTI_ON.
Ij WHEREAS, under the provisions of Section 570$2 Compiled Laws of Utah,
it
1917, the Board of Commissioners, are authorized and empowered, among other
things, to appropriate money for corporate purposes, and to purchase, receive,
hold, sell, lease, convey and despose of property, real and personal for the
benefit of the City and to do all things in relation thereto as natural persons!,
it and that it shall be deemed a corporate purpose to appropriate money for any
purpose which in the judgment of the Board will provide for the safety, preserve
the health, promote the prosperity, and improve the morals, peace, order, cow-
fort and convenience of the inhabitants of the City, and,
II I
WHEREAS, under the provisions of Section 570X6 Compiled Laws of the
State of Utah, 1917, the Board of Commissioners is further authorized and em-
1
powered to borrow money for corporate purposes In the manner and to the extent
i� 11
allowed by the Constitution laws and to issue bonds therefor in such amounts
and forms and on such conditions as the Commission shall determine, and,
-l'
I i
WHEREAS, in the judgment of the Board of Commissioners, in order to
Ijprovide for the public safety, preserve the public health and improve the com-
fort and convenience of the inhabitants of said Salt Lake City, there is imme-
diate and pressing need of raising funds to the amount of One Hundred Thousand
jDollars (3100,000.00) to defray the expense of purchasing that certain real es-�
f
tate situate within the corporate limits of said Salt Lake City known as parts
of Lots 1 to 8 inclusive, Block Seven (7) "Plat A", Salt Lake City Survey,
Incorporated
heretofore owned by P. J. Moran, Contractor, n , the same to be used for
corporate purposes only, and,
WHEREAS, The City is without the necessary funds at this time with
I
'which tc purchase said real estate, and,
WHEREAS, said sum of One HundredThousand Dollars may be raised at
this time without incurring any indebtedness or liability in excess of the taxe4
lof said City for the current year 1924,
. I NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of Salt
Lake City, Utah, as follows:
1. That for the purpose of raising funds to defray the expense of
purchasing that certain real estate situate within the corporate limits of
said Bait Lake City, known as part of Lots 1 to 8 inclusive, Block Seven (7)
"Plat A", Salt Lake City Survey, heretofore owned by P. J. Moran, Contractor
Ingo morated , the same to be used for corporate purposes only, said Salt
Lake City shall borrow the said sum of One Hundred Thousand Dollars ($100,000.001)
and for that purpose as evidence of such indebtedness, issue one hundred (100)
bonds therefor of the denomination of 41,000.00, numbered from one (1) to
lone hundred (100) inclusive, Said bonds shall bear date May lat, A. D. 1924,
er cent
shall bear interest at the rate of four and three quarters/4-3/4,%) per annum
from date until paid, which interest shall be paid semi-annually on the first
days of May and November each year in accordance with interest coupons thereto
attached and both principal and interest shall be payable at Guaranty Trust Com-
any of New York in New York City, N. Y. The principal of said bonds shall Insane
-2. due and payable serially as follows:
I �
�I !
Ten Thousand Dollars (.4/0,000.00) thereof on the
first day of May A. D. 1925 and Ten Thousand Dollars
410,000.00) on the first day of May each succeeding
li I
year thereafter up to and including the first day of
II
May A. D. 1934.
Ii
2. That said bonds and each of them, except as to date of maturity
jIshall be in substantially the following form:
I 1
I' I
�I I
I I
it 1
' I
I '
1
UNITED STATES OF AMERICA
STATE OF UTAR
SALT LAKE COUNTY
SALT LAKE CITY BOND
SERIES OF MAY lst, 1924.
� I
'j No. 0,000.00.
SNOW ALL MEN BY THESE PRESENTS:
That Salt Lake City in Salt Lake County, State of Utah, hereby
acknowledges itself to be indebted and for value received hereby promises to
pay to the bearer hereof the sum of ONE THOUSAND DOLLARS ($1,000.00) in lawful
money of the United States of America on the first day of May A. D. 19 , at
the Guaranty Trust Company of New York in New York. City, N. Y., with interest
thereon at the rate of four and three quarters (4-3/0) per cent per annum
from date until paid, payable semi-annually in like money on the first days
of May and November in each year, said interest to maturity being represented
by interest coupons hereto attached.
This bond is one of a series of One Hundred (100) bonds Of like date
and amount, numbered from One (1) to One Hundred (100) inclusive, for the
aggregate sum of ONE HUNDRED THOUSAND DOLLARS ($100,000.001 issued pursuant to
the provisions of Section 570X6, Compiled Laws of Utah, 1917.
It is hereby certified, recited and declared that the entire indebt-
edness of said City hereby incurred, together with all other indebtedness in-
marred by said City for and during the year 1924, is not in excess of the taxes
of said City for the current year, 1924.
It is hereby further certified, recited and declared that all condi-
tions, acts and things essential to the validity of this bond exist, have
happened and have been done and that every requirement of law affecting the
issue thereof has been duly complied with, and that this bond is within every
debt and other limit prescribed by the Constitution and Laws of said State and
that the full faith and credit of said Salt Lake City are hereby irrevocably
pledged to the punctual payment of the principal and interest of this bond
according to its terms.
IN WITNESS WHEREOF, said Salt Lake City, has caused this bond to be
signed by its Mayor, its corporate seal to be hereunto affixed, and attested
by its City Recorder, as of the first day of May, 1924.
Mayor
Attests
I, I
City Recorder.
j I
'i (SEAL)
j I
-4-
To each of said bonds shall be attached a coupon for each installment I
i
i
11 of interest, which said coupons shall be oonsecutirely numbered, beginning with
jj 1
II number one (1), with the several dates of payment and number of bond, which said
11
coupons shall be in substantially the following form to-wit:
11 (Form of Coupon)
No. $23.75. •
i
I On the let day of May November, A. D. 19_ , Salt Lake City, Utah, I
II will pay the bearer hereof at the Guaranty Trust Company of New York in New
i, York City, N. Y., the sum of Twenty-three 75/100 Dollars ($23.75) in lawful
money of the United States of America, being six months interest then due, on
its coupon bond dated May first, 1924.
'I
II City Treasurer. 1
I
'I 1
11 There shall be endorsed on each of said bonds the following:
1
"I hereby certify that this bond is within the debt
limit of Salt Lake City, Utah, and is issued according I
Ii to law.
I
I
I1 1I
, City Auditor"
li Said bonds and each of them shall be signed by the Mayor and attested I
I
I by the City Recorder and sealed with the seal of said City and said coupons 1
shall bear the original or fae-simile signature of the City Treasurer. The
I
Mayor of said City is hereby authorized, empowered and directed to sire, and ',
11; the City Recorder to sign and attest and affix the seal of said City to each
p
1! of said bonds and the sots of said Mayor and Recorder in so doing are and shall;
11 be the act and deed of eald Salt Lake City. i
'I
3. BE IT FukTHER RESOLVED, THAT WHEREAS, Palmer Bond & Mortgage Com- 1
pany, a Utah Corporation, has offered to purchase said bonds, as and when said'
II, bonds may be and are legally issued and delivered, paying therefor a price sat'
II isfaotory to said City, which said offer is in words and figures as follows
I'
I, t0-wit: i
r '
1`
-5- !j I
I
;
'1
1 .
Honorable Mayor and City Commissioners
Salt Lake City; Utah.
I� I
Gentlemen:
For 4100,000.00 Notes constituting a direct obligation of Salt Lake
City, Utah, bearing interest at the rate of 4-3/4% per annum, interest payable'
semi-annually, to be dated as soon as legally possible, and maturing serially
jin ten equal annual installments beginning one year after date of issue, we
II
will pay you upon delivery of said Notes to us in Salt Lake City, Utah,
III 41,000.63 and accrued interest from date of the Notes to date of delivery for
each 41,000 Note. .
We agree to furnish the lithographed Notes for this issue without cost
II
to the City.
This offer is for immediate acceptance only.
Respectfully submitted,
PALMER BOND & MORTGAGE COMPANY
By Edwin S. Felt
I,I
� I
I i
II �
II '
II
I !
I; I
i I
II
TOW THEREFORE BR IT FURTHER RESOLVES), that the offer of said
Palmer Bond & Mortgage Company, be and the same is hereby accepted and the
Mayor of said Salt Lake City is hereby authorized and directed to sign, ex-
oaute, deliver and issue as the act and deed of said Salt Lake City, the said
bonds to said Palmer Bond & Mortgage Company, upon receipt of the purchase
price therefor in accordance with the terms of said bid.
4. BE IT FURTHER RESOLVED, That in the opinion of the Board of
Commissioners of said Salt Lake City, it is necessary to the peace, health
and safety of said City and the inhabitgnts thereof, that this resolution
take effect and be in force at once, and the sane shall therefor take effect
immediately upon its adoption.
5. Commissioner T. T. BURTOiT seconded the motion
for the adoption of said resolution and upon being put to a vote, was carried
by the affirmative vote of all Commissioners present, the vote being as
follows:
19ayor �acL/______
Commission / !�-1- Cl"Aye"
Commissione a /7 "Aye"
Commissioner %f N
T V"Aye"
Commission if-- 2 L "Aye"
ADOPTED AND APPROVED this 28th day of April, A. D. 1924.
mayor.
Attest: -
City Recorder.
-T- (SEW)